Average Joes Giving Market a Heartbeat
Yesterday’s cover story in the NYT real estate section was downright encouraging, didn’t you think? The gist: There are a bunch of folks who have normal jobs with normal paychecks that have been patiently saving up in recent years as the real estate market zoomed beyond their reach who all of sudden are finding themselves…
Yesterday’s cover story in the NYT real estate section was downright encouraging, didn’t you think? The gist: There are a bunch of folks who have normal jobs with normal paychecks that have been patiently saving up in recent years as the real estate market zoomed beyond their reach who all of sudden are finding themselves in the position to buy sooner than they had imagined. And faced with the double-blessing of lower prices and lower interest rates, they are even able to afford bigger apartments than they thought. The meat-and-potatoes buyers are coming out right now, said Kristina Leonetti, a broker at the Corcoran Group. And you know what? They are out there actively looking (though maybe not in the Bronx). Confirming something that a senior member of a large brokerage firm told us last week, open houses have been well attended since the start of the new year. Any readers who fit this profile care to chime in?
For the Brave, the Moment Is Now [NY Times]
Photo by Amber Rhea on Flickr
“Someone doesn’t understand rates of return.”
Someone doesn’t understand that the S market was based on the RE market which was based on Charles Ponzi. Someone also doesn’t understand that the S market leads (buy/sell in a flash) while the RE market lags (buy/sell over months). RE will get murdered in the months/years to come.
***Bid half off peak comps***
Well said, sam. Now wait for the What to come along, cut and paste your thoughts, and call you an Asshat.
Kas – I would not make any decisions based on that article.
Many people here (it’s the easy opinion these days) think that things will be worse in a year. The thing is, despite the tone of posts here, no one really knows. I’ve noticed some 1 BRs in that price range selling quickly, some sitting – of course it all depends on the specifics. I would look for comps on the market and watch them. That said, my 2 cents is that if you know you MUST sell within a year to 18months, I’d hedge my bets and sell now – things could in fact be worse in a year and you’ll be stuck.
The future is unknowable although there will always be those who claim they know what to expect. The reality is that no one knows for sure, including the experts.
Tomorrow we are inaugerating a new President who seems to have tapped into the old American optimistic spirit we have not seen for awhile. I can’t help but to feel at least somewhat buoyed by that although I know 2009 will not be a bed of roses; when was life in NY ever a bed of roses?
There will be thousands of jobs lost on Wall Street but there will be thousands of new jobs created to accomplish its reinvention. NYC has always been a place where there is lots of money to be made by the smart and ambitious. I don’t see that suddenly coming to an end. The city is still a magnet, especially at times like now when there is so much corporate tearing down and building up to do.
“What, we are buying a place a stone’s throw from the old fires and have discussed the very scenerio you mention.”
Mopar the knuckleheads on this Blog take things for a joke and the Blackout reference was stone cold reality! Things can get very hairy quickly! The Obama Gambit will be in full effect come tomorrow..
The What
Someday this war is gonna end..
Benson, I agree and thank you for posting. But I just have to note that some of your reasons are economic.
What, we are buying a place a stone’s throw from the old fires and have discussed the very scenerio you mention.
I have a one bedroom in Boerum Hill that I planned to list in the low 400s this spring, but I actually have realtors telling me I should wait a year, especially since I don’t need to sell. This article implies there is a demand for places like ours. Should I buck the trend and list it?
“…the Times has absolutely zero creditability when it comes to real estate. It never says anything negative about the city market.”
Until the negativity is in your rearview mirror.
Have a look…
[http://njrereport.com/80sbubble.htm]
***Bid half off peak comps***
Benson, I greatly appreciate your level-headed, moderate, and well-reasoned posts – a rarity for most of these threads.